Session revaluing, with the dow only losing 36 points and the nasdaq actually advancing a remarkable 2. 0 after being crushed. How in the the heck can this Health Care Debacle wasnt that supposed to spell the end of the trump rally . As somebody shouted from the rooftop this is weekend, and this very morning. I think we need a History Lesson here to answer that question. Lets go back to the beginning of this remarkable advance. It started not so much because donald trump won, but because Hillary Clinton lost. We keep forgetting this. She was perceived to be antibusiness, anticapital and indifferent toward the stock market. Investors assumed she would be prone to issuing regulations, like president obama and if anything, she might be willing to give the banks a harder time just to prove her independence from wall street. We also worried that a democratic wave could put Elizabeth Warren in charge of the Senate Finance committee. Instead, though, donald trump took the presidency, and in a
Pushback. Jay has been critical of governor carnie and his campaigning ahead of the bricks referendum. Brexit referendum. David he thought he had his thumb on the scale a little bit. And the possess schism coming ut of the f. C. S. Fx market. David love it when bears capitulate. And we will talk about the feds next move with Mohamed Elerian. He will join us in just a moment. But first, john, youre taking a look at those markets. Jonathan i am, thank you very much. Lets get straight to it. In the equity market, the ftse 100, a touch firmer at 1 . Futures coming back a little bit. In the last 24 hours, the real story has been in the fx market. Its been a story of dollar softness and sterling strength. Five Straight Days of sterling strength. We come back with a touch with a cable rate. Coming in about. 4 of 1 . The move yesterday in the bond market, fascinating. Across the treasury curve, yields come in at the front end specifically. 734 . Down from 80 to weve had u. S. Manufacturing in
Reporter a lot of people are talking about this. The normally animated cam newton was anything but during his postgame news conference. Good morning uconn bronco fans, im corey rose here with gary shapiro. Yes, you do still have to go to work. We have proven that. Amelia earhart has your traffic this morning, and Marty Coniglio has your weather. Reporter the parade and rally tomorrow, excellent shape for that as well. Today will be the coolest day of the week with a few few high clouds around the area. Already in the teens and 20s here, and its below 0 if parts of the napa valley. In the front range, we have generally teens and 20s going here, and it moved into the 30s for some foothill locations, and near the foothills this morning. This afternoon dropping into the 30mile an hour range. It helps us to warm up a bit, and air fall quality is good enough so we dont have air burning restrictions. A mix of clouds and sun here in an hour. Temperatures pushing 30 by the time we finish up the
, a groups pulling us there lot of the cyclical groups. Consumer discretionary stocks are leading the declines with Health Care Help to limit the declines. The other notable mover of the session would be the u. S. Dollar. We talked about the correlation less thanrices the fact that the dollar has been down and that is something investors are increasingly talking about. Were is some talk that maybe could see a return to strength for the u. S. Dollar. Take a look at the bloomberg care. Going back all the way to the 70s and the trade weighted dollar. The other time we have had long runs, have been longer than the current run in the drop in the past month or so notwithstanding. You had all volcker being named fed chairman and a 67 month rally in the u. S. Dollar. Then the dollar came down and in the 90s, robert rubin in treasury spurred and 81 month rally in the u. S. Dollar and we have had a current rally that is only 57 months. Past performance does not guarantee future results. But the
Are you a michael kors fan . Im not up to speed on it. It seems like a lot of americans are like, michael kors, whats the big deal . Those watches are hot. [laughter] does lady gaga were michael kors . Does she . After the bell, earnings on aig, marathon oil, and avis budget. The 100th anniversary of britain entering world war i. Let me do a data check. Stocks, bonds, currencies, commodities. Up 6. Es up futures nymex crude turns churns as well. The vix was up 17. 03. Will see where that begins with trading. 104. 82. Ude is some stability to the market. What an interesting weekend. Here is scarlet fu with the front page. Movement topped our front page. Lets start with the middle east. Israel declares a seven hour long ceasefire in gaza. We are back in the middle. In other words, it is holding. A humanitarian window that covers all areas of gaza, except for where israels military is operating. State, it is a unilateral ceasefire. That is the case. Israel is declaring it. Hamas is not pa